PHILIPPINES: Tanduay buys into drinks company
Tanduay Distillers has acquired a majority stake in Asian Alcohol Corp. The Tanduay Holdings subsidiary said late last week that it has paid PHP349.5m (US$6.27m) for the 90% holding.
Separately, Tanduay Holdings has announced that it is allotting PHP2bn over the next three years for acquisitions and the building of a new bottling plant.
The company is also expected to acquire a majority stake in DyZum Distillery in the near future
Tanduay is already set to begin construction of a new southern Philippine bottling plant in Cagayan de Oro. The facility will be able to produce around 40,000 cases of liquor per day.
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